BiggerPockets

This 'new economy' sucks. I just finished rehabbing two homes in NJ and I cant find any buyers. But thats not my issue, I expected that.

My issue is using any excuse to turn down my refis. Im so far down on my list of options that Ive posted on craigslist for someone to partner with me to help me refi so I can wait until a (HOPEFULLY) better Spring market. Glad the treasurey just spent $700Billion of our money to get that liquidity flowing.

Anyhow, Ive tried big banks, brokers, commercial lenders...I could use some concrete suggestions. Where can I find private lenders? Ive heard people comment on using them, but is everyone talking about wealthy friends and relatives? Does anyone know of any unconventional lenders? Any real help appreciated.

Maybe this is a shameless bump but...I know I cant be the ONLY one around here that got into a flip, couldnt sell and needs to refi right now.

Is this discussed on another thread? If anyone has any commercial lenders they konw of that would do an umberella, a good way to hunt down private sources, please, Im asking, speak up.

If they are rehabbed I would run an open house, get them rented out, solid lease in place for one year and hit the refi market again, this time with income. You might have a better chance, be able to weather the storm and after a year decide what you want to do next. At least in this way there is steady income flowing. Each month that passes without help to meet that debt service you currently have on it is eating away at any potential profits you might see from flipping.

Have these been on the MLS? That makes them much more difficult to refi. Refi first, then list.

Do you have solid, documented income?

Getting them rented will help with the refi.

Just paying of an existing loan will be easier than if you need cash out.

If you bought them cheap, fixed them up, and want to use a new appraisal you may need six months seasoning. Even then, the lender will look very carefully at a new appraisal.

Omar,

You mentioned that you have tried some bigger banks. Have you tried any local banks in your town? If you truly have equity in the properties (current market value minus loan balance) then you are far more likely to get money from a local bank than a big bank.